All you Need to Know About Condo Insurance

Condo insurance is a coverage that helps safeguard against losses and repair for a condominium unit. It provides insulation against theft, vandalism, fire, and water damage. If you own a condominium in Birmingham, MI many condo insurance questions linger in your mind. The heartwrenching news is that High Favor Insurance is here to keep you abreast of what you need to know about condo insurance.

Is condo insurance mandatory in Michigan?

Just like homeowners insurance, condo insurance is not mandatory in Michigan. However, if you finance your condo through a mortgage, your lender will require you to maintain condo insurance to safeguard the interior of your condo. Even if you have settled your entire loan amount, you must still have to procure condo insurance since many condominium owners’ associations may require it.

What does condo insurance cover?

Many Birmingham, MI residents work tirelessly to transform their condos to become unique and to feel like home. That is why it’s imperative to ensure that your condo is protected. Securing splendid condo insurance coverage can help safeguard your condo and all your crucial possessions inside it. Condo insurance coverage options include.

Dwelling coverage: Safeguard the things that you are responsible for in your condo. These things include alterations or betterments you have made along, including your appliances and fixtures. It’s imperative to understand that this coverage doesn’t cover earthquakes and floods; you can seek alternative coverage.

Personal property coverage: It cushions your personal property such as clothing, appliances, and furniture against perils like theft and lightning.

Loss of use or additional living expense: protect you when your condo is uninhabitable. It caters to other costs like hotel bills after residing elsewhere when your condo is getting repaired.

Liability coverage: It provides bodily injury and property damage protection, including legal fees emanating from parties who filed lawsuits after injuring or damaging their property.

Are you shopping for a salient condo insurance coverage in Birmingham, MI? Call or visit us at High Favor Insurance; we offer personalized insurance coverage to be accommodative to your insurance needs.